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Closing Gold & Silver Market Report – 7/29/2014

GOLD LOWER AS INVESTORS AWAIT FED MEETING OUTCOME

The Gold price retreated from a one-week high today as investors eye the outcome of the Federal Reserve’s policy meeting tomorrow.  Though geopolitical turmoil in the Middle East and Ukraine continues to assist in buoying Gold and Silver, hawkish comments from Fed Chairwoman Janet Yellen regarding the future of interest rates in the U.S. could weigh on metals.  "I’m actually surprised that gold isn’t up more, given the numerous geopolitical risks," Commerzbank analyst Daniel Briesemann said.  If escalating tension overseas continues to persist, safe-haven demand for Gold and Silver could increase in the short-term. 

U.S. stocks are trading lower today as geopolitical woes took the forefront and outweighed the impact of Fed policy speculation.  “Geopolitical risk remains a risk,” Dan Veru, chief investment officer at Palisade Capital Management, said.  “What ultimately makes stocks go higher is earning and earnings are supporting higher valuations in the market.”  As the European Union and U.S. impose sanctions on Russian banks and financing, investors will await further news as to whether the situation could become increasingly unstable. 

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,300.30, Down $5.10.
  • Silver, $20.62, Up $0.06.
  • Platinum, $1,483.30, Down $7.30.
  • Palladium, $880.60, Down $1.10.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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